A dispute over ownership of a housing subsidiary linked to the Kenya Union of Savings and Credit Co-operatives (Kuscco) has prompted a fresh audit into the unit’s operations, amid concerns over a financial exposure of about Sh1.69 billion.
Kuscco, the umbrella organisation for saccos, says Kuscco Housing Co-operative Society (KHC) has operated for years as its subsidiary, where it holds a 70 percent stake. However, the apex body claims the unit’s directors have disputed Kuscco’s shareholding and attempted to assert their independence.
